Murphy Oil Corporation

Good morning, ladies and gentlemen, and welcome to the Murphy Oil Corporation fourth quarter 2023 earnings conference call and webcast. If at any time during this call you require immediate assistance, please press star zero for the operator. I would now like to turn the conference over to Kelly Withley, Vice President, Investor Relations and Communications. Please go ahead.

Good morning everyone and thank you for joining us on our fourth quarter earnings call today. Joining me is Roger Jenkins, President and Chief Executive Officer, along with Tom Morales, Executive Vice President and Chief Financial Officer, and Eric Hambly, Executive Vice President, Operations. Please refer to the informational slides we have placed on the investor relations section of our website as you follow along with our webcast today. Throughout today's call, production numbers, reserves, and financial amounts are adjusted to exclude non-controlling interest in the Gulf of Mexico. Please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. As such, no assurances can be given that these events will occur or that the projections will be attained. A variety of factors exist that may cause actual results to differ. For further discussion of risk factors, see Murphy's 2022 annual report on 10-K on file with SEC. Murphy takes no duty to publicly update or revise any forward-looking statements. I will now turn the call over to Roger Jenkins.

Thank you, Kelly. Good morning, everyone, and thanks for listening to our call today. As we turn to slide two, I'd like to highlight Murphy's ongoing focus on our priorities to deliver, execute, explore, and return throughout 2023. With another strong year of production and excellent execution, We achieved our $500 million debt reduction goal for the year and have reduced debt by $1.7 billion since the end of 2020. We produced 186,000 barrels equivalents per day for the year with 52% oil volumes. During the fourth quarter, we began procuring equipment for the Lac Duvein field development in Vietnam and production resumed at the non-operated Terran Overfield offshore Canada. With wells scheduled to ramp up production through the first quarter, of this year. In the Gulf of Mexico, we acquired an 8% working interest in the Zephyrus discovery for $13 million in the fourth quarter. For the year, we achieved 139% reserve replacement with preliminary total reserves of 724 million barrels equivalent and approximately an 11-year reserve life. In exploration, we renamed a parent high bidder in eight exploration blocks in the Gulf of Mexico Federal Lease Sale 261 held last fall. We also continue preparing for our 2024 planned exploration wells in the Gulf and Vietnam and are advancing seismic reprocessing projects in the Gulf of Mexico and Cote d'Ivoire. Due to significantly reducing debt prior to 2023, we were able to reach MERFI 2.0 of our capital allocation framework last year, representing a debt level between $1 and $1.8 billion. I'm pleased to say that we executed additional share repurchases totaling $75 million or 1.7 million shares at an average price of $43.42 per share in the fourth quarter. For full year 2023, we repurchased 3.4 million shares for $150 million at an average price of $43.96 per share. As a result, we have $450 million remaining under our share repurchase authorization at year end. I'm pleased to return to the share buyback mode where we have purchased $1.8 billion of stock in the last 10 years. We announced earlier today a 9% quarterly dividend increase to $1.20 per share annualized back to our level of 2016, and I look forward to targeting Murphy 3.0 as we continue delivering shareholder returns and reducing debt levels. On slide three, Murphy's production averaged 185,000 equivalents per day in the fourth quarter, 94,000 barrels of oil per day. For the year of production, 186,000 equivalents with 98,000 oil per day. For the quarter, we realized over $79 a barrel for oil, representing a slight premium to WTI. This is on a net back basis, as well as nearly 21 per barrel for NGLs and $2.12 per thousand cubic feet for nat gas. This led Murphy generating 788 million of total revenue in the quarter, Over the full year, we realized over $77 per barrel for oil and generated $3.2 billion in revenue, excluding NCI. On slide four, grade year reserves. Our preliminary approved reserves totaled 724 million barrels equivalent, representing 139% reserve replacement ratio from year end 22. This increase is due in part to additional 13 million barrels equivalent approved reserves for the Lac Duvein field in Vietnam as well as ACO natural gas price changes. Total approved reserves in 2023 were 57% proven and 41% liquids weighted, and we have approved reserve life of 11 years. Overall, I'm pleased to say we've maintained our approved reserves since 2020 with an average annual CapEx of approximately $1 billion, excluding non-controlling interests and including acquisitions. We must also consider Their strong reserve outcome was based on an oil price that was $15 per barrel lower than 2022. Further, our reserves, excluding Syncrude, are 27% higher than a decade ago when we became an independent E&P company. I'll now turn the call over to our CFO, Tom Morales, who will update us on our financial results. Tom?